SP500 H4

General Overview for 28/04/2014:
The impulsive wave progression on Daily time frame has not been finished yet and there is more upside to come up to the level of 2000 EASY.
Nevertheless, currently the market is in corrective cycle in wave 4  and this correction has not been finished yet. For intraday traders, in case of pre-mature wave (e) completion, the level to watch is 1837 points. Any breakout lower would mean that the lower boundary of the triangle shape will be tested and the wave (e) is likely to complete at the level of 1800 points. Please notice that this correction might get even more complex and time consuming.
Please notice that the sentiment indicator of Fear&Green is slightly rising and this supports the view of a more complex correction ahead.

Support/Resistance:
1800 – Main Intraday Support
1837 – Key Level
1833 – 61%Fibo
1863 – Main Intraday Resistance

Trading Recommendations:
Buy orders should be opened in key level at the level of 1837  with tight stop (no more than 1% of the account per trade) and TP level above the last swing high.

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About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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